Premier, Inc. (NASDAQ:PINC) Q4 2023 Earnings Conference Call August 22, 2023 8:00 AM ET

Company Participants

Ben Krasinski - Senior Director, Investor Relations

Mike Alkire - President and Chief Executive Officer

Craig McKasson - Chief Administrative Officer and Chief Financial Officer

Leigh Anderson - President, Performance Services

Conference Call Participants

Eric Percher - Nephron Research

Richard Close - Canaccord Genuity

Kevin Caliendo - UBS

Eric Coldwell - Baird

Allen Lutz - Bank of America

A.J. Rice - Credit Suisse

John Park - Guggenheim Securities

Jessica Tassan - Piper Sandler

Operator

Good morning, and welcome to Premier's Fiscal Fourth Quarter and Full-Year Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Ben Krasinski, Senior Director, Investor Relations. Please go ahead.

Ben Krasinski

Thank you, and welcome to Premier's fiscal 2023 fourth quarter and full-year conference call. Our speakers this morning are Mike Alkire, Premier's President and CEO; and Craig McKasson, our Chief Administrative and Financial Officer.

Before we get started, I want to remind everyone that our earnings release and the supplemental slides accompanying this conference call are available in the Investors section of our website at investors.premierinc.com. Please be advised that management's remarks today contain certain forward-looking statements, and actual results could differ materially from those discussed today. These forward-looking statements speak as of today, and we undertake no obligation to update them. Factors that might affect future results are discussed in our filings with the SEC including our Form 10-K, which we expect to file soon.

We encourage you to review these detailed safe harbor and risk factor disclosures. Also, where appropriate, we will refer to adjusted or other non-GAAP financial measures, such as free cash flow to evaluate our business. Reconciliations of non-GAAP financial measures to GAAP financial measures are included in our earnings release, in the appendix of the supplemental slides accompanying this presentation and in our earnings Form 8-K, which we expect to furnish to the SEC soon.

I will now turn the call over to Mike Alkire.

Mike Alkire

Thank you, Ben. Good morning, everyone, and thank you for joining us today. Today, we will highlight our progress in our fourth quarter and fiscal year 2023 and update you on our ongoing evaluation of strategic alternatives to unlock value for our stockholders.

First, I am pleased to share that our team achieved total net revenue of $1.3 billion, adjusted EBITDA of $499.8 million and $264.4 million in free cash flow that equated to 53% of adjusted EBITDA this fiscal year. These results reflect the agility and dedication of our people in an incredibly fluid health care environment. As a team, we are confident in our ability to effectively manage costs and grow Premier through the continued execution of our strategies to deliver technology enabled better, smarter health care.